From 6th April 2016 all companies (including LLPs) are required to take reasonable steps to identify whether there are people with significant control (PSC) over the company. This is a part of the EU Fourth Money Laundering Directive.
Companies House update 26th June 2017
Who is a person with significant control?
What is a Relevant Legal Entity?
To see whether the PSC requirements apply to your company we have prepared a guide: Does the PSC legislation apply to my company?
If the PSC legislation does apply then:
1. Identify who meets one or more of a number of specific control conditions. If there are no PSCs (which is quite possible) then the fact that there are none needs to be recorded as a statement.
How do I add a General Statement?
2. Anyone identified in step 1 above should confirm that they meet one or more of the control conditions and that all the relevant information that needs to be included in the PSC register is correct.
3. Create the Register of People with Significant Control and input the details received from PSCs (and, in various circumstances, certain other specified information)
Note: The information regarding PSCs must be kept up to date. This means that when there is a new PSC or someone ceases to meet any of the control conditions, the PSC Register will need to be update and you have 14 days to inform Companies House.
How long do I have to file PSC changes?